Jersey City Booms: The Rise of New Developments and Businesses
Jersey City, also known as “Chilltown,” is no longer just a sleepy commuter town across the river from New York City. Over the past few years, Jersey City has undergone a massive transformation, with new residential developments and businesses popping up all over the city. In this article, we’ll explore the reasons behind Jersey City’s boom, take a look at some of the most exciting developments and businesses, and answer some frequently asked questions.
Why is Jersey City Booming?
There are several reasons why Jersey City is experiencing a boom in development and business:
Close Proximity to New York City
Jersey City’s close proximity to New York City makes it an attractive location for both residents and businesses. With just a short train or ferry ride, residents can be in the heart of Manhattan, and businesses can take advantage of New York City’s vast pool of talent and resources.
Lower Living Costs
Compared to New York City, living in Jersey City is much more affordable. The cost of living in Jersey City is around 25% lower than in New York City, making it an attractive option for those who want to live close to the city without paying a premium.
Tax Incentives
Jersey City has implemented several tax incentives to attract businesses to the area. For example, the Urban Enterprise Zone (UEZ) program offers tax breaks and other incentives to businesses located in designated areas of the city.
Growing Job Market
As more businesses move to Jersey City, the job market is expanding. According to the New Jersey Department of Labor and Workforce Development, Jersey City has seen a 19% increase in jobs since 2010.
The Rise of New Developments
Jersey City has seen a wave of new residential developments in recent years. Here are some of the most exciting projects:
Journal Squared
Journal Squared is a mixed-use development in the heart of Jersey City’s Journal Square neighborhood. The project includes three residential towers, a retail space, and a public plaza. The development has a total of 1,838 residential units and is expected to be completed in 2023.
The Residences at 9W
The Residences at 9W is a luxury condominium development located on the Jersey City waterfront. The project includes 137 units spread across two towers, and residents have access to amenities including a rooftop pool, fitness center, and concierge service.
Bayfront
Bayfront is a massive mixed-use development planned for 100 acres of land on the Jersey City waterfront. The project includes over 8,000 residential units, retail and office space, and a 14-acre waterfront park.
The Rise of New Businesses
In addition to new developments, Jersey City has seen a surge in new businesses. Here are some of the most exciting:
Corgi Spirits
Corgi Spirits is a craft distillery located in the Bergen-Lafayette neighborhood of Jersey City. The distillery produces gin, vodka, and whiskey, and offers tours and tastings.
Hudson Hall
Hudson Hall is a beer hall and smokehouse located in downtown Jersey City. The restaurant offers a variety of smoked meats, craft beers, and cocktails.
Ani Ramen
Ani Ramen is a popular ramen restaurant with locations in Jersey City and Montclair. The restaurant is known for its traditional Japanese ramen bowls, as well as its creative twists on the classic dish.
FAQs about Jersey City
Q: Is Jersey City safe?
A: Yes, Jersey City is generally considered a safe city. According to NeighborhoodScout, the city’s crime rate is lower than the national average.
Q: What is the cost of living in Jersey City?
A: The cost of living in Jersey City is around 25% lower than in New York City, but it is still slightly higher than the national average. According to Numbeo, the cost of living index in Jersey City is 92.46, compared to the national average of 100.
Q: What are the best neighborhoods in Jersey City?
A: Jersey City has several great neighborhoods, each with its own unique character. Some of the most popular neighborhoods include Downtown, Journal Square, and Bergen-Lafayette.
The Conclusion
Jersey City’s boom in development and business shows no signs of slowing down. With its proximity to New York City, lower living costs, and growing job market, Jersey City is becoming an increasingly attractive location for both residents and businesses. As new developments and businesses continue to spring up, Jersey City is cementing its status as one of the most exciting cities on the East Coast.